$10 Million Bet On This Casino Stock? 4 Stocks Insiders Are Buying

Although US stocks closed lower on Friday, there were a few notable insider trades.

When insiders purchase shares, it indicates their confidence in the company's prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.

Below is a look at a few recent notable insider purchases. For more, check out Benzinga's insider transactions platform.

DISH Network

  • The Trade: DISH Network Corporation DISH Director James Defranco acquired a total of 160,373 shares at an average price of $18.53. To acquire these shares, it cost around $2.97 million.
  • What’s Happening: DISH Network recently reported a second-quarter FY22 revenue decline of 6.2% year-on-year to $4.21 billion, missing the consensus of $4.25 billion.
  • What DISH Network Does: From its founding in the 1980s Dish Network has primarily focused on the satellite television business, capitalizing on technological advancements to expand its reach.

Viridian Therapeutics

  • The Trade: Viridian Therapeutics, Inc. VRDN 10% owner Fairmount Healthcare Fund II LP acquired a total 425,531 shares at an average price of $23.50. To acquire these shares, it cost around $10 million.
  • What’s Happening: Viridian Therapeutics recently priced its upsized public offering of 9.63 million shares of common stock and preferred stock at $23.50 per share.
  • What Viridian Therapeutics Does: Viridian Therapeutics Inc is a clinical-stage biopharmaceutical company that engages in developing multiple product candidates to treat patients who suffer from thyroid eye disease.

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MGM Resorts International

  • The Trade: MGM Resorts International MGM 10% owner IAC Inc bought a total of 283,400 shares at an average price of $35.28. To acquire these shares, it cost around $10 million.
  • What’s Happening: MGM Resorts Intl recently posted Q2 EPS of $0.03.
  • What MGM Resorts Does: MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market.

Lithia Motors

  • The Trade: Lithia Motors, Inc. LAD Director Sidney Deboer bought a total of 1,000 shares at an average price of $268.43. The insider spent around $268.43 thousand to buy those shares.
  • What’s Happening: Lithia Motors, last month, reported worse-than-expected Q2 sales results.
  • What Lithia Motors Does: Lithia Motors is a retailer of new and used vehicles and related services.
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